2012 Q1 Form 10-K Financial Statement

#000110465913034243 Filed on April 29, 2013

View on sec.gov

Income Statement

Concept 2012 Q1 2012 2011 Q4
Revenue $294.0M $1.182B $338.8M
YoY Change 24.0% 52.07% 65.26%
Cost Of Revenue $170.9M $703.2M $205.6M
YoY Change 28.21% 64.38% 83.16%
Gross Profit $123.1M $478.5M $133.2M
YoY Change 18.6% 37.0% 43.6%
Gross Profit Margin 41.87% 40.49% 39.31%
Selling, General & Admin $86.60M $339.1M $91.35M
YoY Change 19.78% 44.09% 49.26%
% of Gross Profit 70.35% 70.87% 68.59%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $9.100M $30.18M $7.375M
YoY Change 49.18% 63.11% 79.88%
% of Gross Profit 7.39% 6.31% 5.54%
Operating Expenses $86.50M $339.1M $91.35M
YoY Change 19.81% 44.09% 49.26%
Operating Profit $36.61M $139.4M $41.83M
YoY Change 15.84% 24.74% 32.62%
Interest Expense -$3.300M $12.92M $2.958M
YoY Change 3.13% 33.26% 42.14%
% of Operating Profit -9.01% 9.27% 7.07%
Other Income/Expense, Net -$100.0K -$377.0K $190.0K
YoY Change -165.34% 21.79%
Pretax Income $33.20M $26.45M $39.06M
YoY Change 24.81% 53.85% 31.89%
Income Tax $3.900M $15.72M $6.181M
% Of Pretax Income 11.75% 59.44% 15.82%
Net Earnings $29.30M $110.4M $32.90M
YoY Change 20.08% 18.33% 21.4%
Net Earnings / Revenue 9.97% 9.34% 9.71%
Basic Earnings Per Share $0.93 $3.52 $1.04
Diluted Earnings Per Share $0.92 $3.48 $1.04
COMMON SHARES
Basic Shares Outstanding 31.34M shares 31.59M shares
Diluted Shares Outstanding 31.71M shares 31.67M shares

Balance Sheet

Concept 2012 Q1 2012 2011 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $21.80M $19.20M $35.40M
YoY Change -23.24% -25.58% -49.86%
Cash & Equivalents $21.85M $800.0K $35.42M
Short-Term Investments $0.00 $0.00 $0.00
Other Short-Term Assets $25.20M $27.90M $21.20M
YoY Change 5.44% 4.89% 26.19%
Inventory $246.1M $246.1M $251.8M
Prepaid Expenses $7.645M
Receivables $195.3M $195.3M $229.2M
Other Receivables $0.00 $0.00 $2.900M
Total Short-Term Assets $488.5M $488.5M $540.4M
YoY Change 6.1% 6.08% 37.23%
LONG-TERM ASSETS
Property, Plant & Equipment $100.7M $100.7M $86.70M
YoY Change 22.07% 22.06% 9.75%
Goodwill $452.4M
YoY Change 26.98%
Intangibles $377.2M
YoY Change 23.78%
Long-Term Investments $0.00
YoY Change
Other Assets $16.02M $17.00M $15.20M
YoY Change -56.27% -53.55% -50.49%
Total Long-Term Assets $947.2M $947.2M $760.6M
YoY Change 21.42% 21.44% 43.61%
TOTAL ASSETS
Total Short-Term Assets $488.5M $488.5M $540.4M
Total Long-Term Assets $947.2M $947.2M $760.6M
Total Assets $1.436B $1.436B $1.301B
YoY Change 15.74% 15.74% 40.89%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $69.85M $69.80M $96.60M
YoY Change -4.74% -4.77% 146.43%
Accrued Expenses $131.6M $116.8M $122.2M
YoY Change -7.05% -5.43% 71.15%
Deferred Revenue
YoY Change
Short-Term Debt $171.1M $171.1M $70.00M
YoY Change 140.99% 140.99%
Long-Term Debt Due $3.000M $3.000M $3.000M
YoY Change -94.34% -94.34% -94.34%
Total Short-Term Liabilities $378.9M $378.9M $311.1M
YoY Change 11.79% 11.8% 78.48%
LONG-TERM LIABILITIES
Long-Term Debt $175.0M $175.0M $175.0M
YoY Change -1.69% -1.69% 124.36%
Other Long-Term Liabilities $24.53M $24.50M $23.50M
YoY Change 1438.83% 65.54% 70.29%
Total Long-Term Liabilities $199.5M $199.5M $198.5M
YoY Change 11.1% 3.48% 116.23%
TOTAL LIABILITIES
Total Short-Term Liabilities $378.9M $378.9M $311.1M
Total Long-Term Liabilities $199.5M $199.5M $198.5M
Total Liabilities $639.0M $639.0M $536.8M
YoY Change 15.14% 15.14% 100.66%
SHAREHOLDERS EQUITY
Retained Earnings $648.1M
YoY Change 15.68%
Common Stock $154.2M
YoY Change 15.83%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $796.7M $796.7M $764.2M
YoY Change
Total Liabilities & Shareholders Equity $1.436B $1.436B $1.301B
YoY Change 15.74% 15.74% 40.89%

Cashflow Statement

Concept 2012 Q1 2012 2011 Q4
OPERATING ACTIVITIES
Net Income $29.30M $110.4M $32.90M
YoY Change 20.08% 18.33% 21.4%
Depreciation, Depletion And Amortization $9.100M $30.18M $7.375M
YoY Change 49.18% 63.11% 79.88%
Cash From Operating Activities $47.70M $103.9M $26.90M
YoY Change -11.34% 18.88% 23.39%
INVESTING ACTIVITIES
Capital Expenditures -$4.900M -$16.10M -$4.200M
YoY Change 206.25% 250.0% 320.0%
Acquisitions $160.0M
YoY Change -52.41%
Other Investing Activities -$160.0M -$136.0M $19.50M
YoY Change -40.12% -59.5% 19400.0%
Cash From Investing Activities -$164.7M -$152.0M $15.10M
YoY Change -38.7% -55.35% -1610.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net $53.00M
YoY Change 1666.67%
Cash From Financing Activities 103.5M 42.80M -31.80M
YoY Change -39.65% -74.82% -4642.86%
NET CHANGE
Cash From Operating Activities 47.70M 103.9M 26.90M
Cash From Investing Activities -164.7M -152.0M 15.10M
Cash From Financing Activities 103.5M 42.80M -31.80M
Net Change In Cash -13.50M -5.300M 10.20M
YoY Change -68.89% -93.61% -52.56%
FREE CASH FLOW
Cash From Operating Activities $47.70M $103.9M $26.90M
Capital Expenditures -$4.900M -$16.10M -$4.200M
Free Cash Flow $52.60M $120.0M $31.10M
YoY Change -5.05% 30.43% 36.4%

Facts In Submission

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10600000 USD
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520000 USD
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371000 USD
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348000 USD
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945000 USD
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884000 USD
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2261000 USD
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2860000 USD
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99000 USD
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99000 USD
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30178000 USD
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537000 USD
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92000 USD
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5070000 USD
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2219000 USD
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166000 USD
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26049000 USD
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1927000 USD
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75000 USD
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990000 USD
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87430000 USD
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16051000 USD
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4629000 USD
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78000 USD
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350000 USD
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160000000 USD
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94000000 USD
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1269750000 USD
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100000000 USD
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53000000 USD
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3000000 USD
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499000 USD
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3898000 USD
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8688000 USD
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7594000 USD
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<div style='font-size:10.0pt;FONT-FAMILY: Times New Roman;'> <p style="MARGIN: 0in 0in 0pt 0.25in; TEXT-INDENT: -0.25in"><font style="FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman" size="2">(t)&#160; Foreign currency transactions and related derivative financial instruments</font></p> <p style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><font style="FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman" size="2">&#160;</font></p> <p style="MARGIN: 0in 0in 0pt 0.25in"><font style="FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman" size="2">The U.S. Dollar is the functional currency for the Company and all its foreign subsidiaries; therefore, we do not have a translation adjustment recorded through accumulated other comprehensive income (loss).&#160; All our non-U.S. subsidiaries&#8217; transactions involving other currencies have been re-measured in U.S. Dollars using average exchange rates for the months in which the transactions occurred.&#160; In our consolidated statements of income, exchange gains and losses resulting from the remeasurement of foreign taxes receivable, taxes payable, deferred tax assets, and deferred tax liabilities are recognized in their respective income tax lines and all other foreign exchange gains and losses are recognized in SG&amp;A. We recorded net foreign exchange gains (losses), including the impact of currency hedges, of ($2.36), ($0.67) and $1.82 million in SG&amp;A and ($0.04), $0.04 and ($0.02) million in income tax expense during fiscal years 2013, 2012 and 2011, respectively.</font></p> <p style="MARGIN: 0in 0in 0pt 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: justify"><font style="FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman" size="2">&#160;</font></p> <p style="MARGIN: 0in 0in 0pt 0.25in"><font style="FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman" size="2">In order to manage our exposure to changes in foreign currency exchange rates, we use forward currency contracts and foreign currency swaps to exchange foreign currencies for U.S. Dollars at specified rates. We account for these transactions as cash flow hedges, which requires these derivatives to be recorded on the balance sheet at their fair value and that changes in the fair value of the forward exchange contracts are recorded each period in our consolidated statements of income or other comprehensive income (loss), depending on the type of hedging instrument and the effectiveness of the hedges. All our current contracts are cash flow hedges and are adjusted to their fair market values at the end of each fiscal quarter.&#160; We evaluate all hedging transactions each quarter to determine that they are effective. Any ineffectiveness is recorded as part of SG&amp;A in our consolidated statements of income.&#160; See Notes (11), (12) and (17) to these consolidated financial statements for a further discussion of our hedging activities.</font></p> <p style="MARGIN: 0in 0in 0pt 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: justify"><font style="FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman" size="2">&#160;</font></p></div>

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